Novo Nordisk to cut price of insulin by up to 75% – WSJ

(Reuters) -Drugmaker Novo Nordisk is planning to cut list prices for several insulin drugs by up to 75% in the United States, the Wall Street Journal reported on Tuesday, citing a senior company executive.

With the move, Novo joins U.S. drugmaker Eli Lilly and Co, which recently said it would cut list prices for its most commonly prescribed insulin products by 70% beginning from the fourth quarter of this year.

Novo will reduce the list price of its NovoLog insulin by 75% and the prices for Novolin and Levemir by 65% starting in January 2024, according to the WSJ report.

Novo did not immediately respond to a Reuters request for comment.

Eli Lilly, along with Sanofi and Novo, make up 90% of the U.S. market for insulin.

(Reporting by Bhanvi Satija in Bengaluru; Editing by Saumyadeb Chakrabarty)